$VRMMQ
Vroom, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020039778 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q4
Revenue $323.0M $253.1M
YoY Change -2.99%
Cost Of Revenue $297.6M $245.5M
YoY Change -0.63%
Gross Profit $25.45M $7.607M
YoY Change -45.06%
Gross Profit Margin 7.88% 3.01%
Selling, General & Admin $61.13M $47.91M
YoY Change 9.66%
% of Gross Profit 240.23% 629.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.200M $1.090M $3.010M
YoY Change -30.13%
% of Gross Profit 4.72% 14.33%
Operating Expenses $61.13M $47.91M
YoY Change 9.66%
Operating Profit -$36.87M -$41.39M
YoY Change 32.02%
Interest Expense $2.259M $1.297M
YoY Change -61.72%
% of Operating Profit
Other Income/Expense, Net $26.00K $53.00K
YoY Change -40.91% 341.67%
Pretax Income -$37.82M -$63.18M
YoY Change -4.78% 89.33%
Income Tax $33.00K $52.00K
% Of Pretax Income
Net Earnings -$37.85M -$63.23M
YoY Change -4.81% 89.65%
Net Earnings / Revenue -11.72% -24.98%
Basic Earnings Per Share
Diluted Earnings Per Share -$313.0K -$2.000M
COMMON SHARES
Basic Shares Outstanding 119.3M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.161B $651.0M
YoY Change
Cash & Equivalents $1.189B $651.0M $217.7M
Short-Term Investments
Other Short-Term Assets $44.30M $39.70M
YoY Change
Inventory $299.4M $141.1M $205.7M
Prepaid Expenses
Receivables $33.80M $15.29M $30.85M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.539B $847.0M $465.3M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $24.40M $9.783M $7.828M
YoY Change
Goodwill $78.17M $78.17M $78.17M
YoY Change
Intangibles $297.0K $572.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.40M $12.47M $12.06M
YoY Change
Total Long-Term Assets $116.1M $116.2M $98.06M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.539B $847.0M $465.3M
Total Long-Term Assets $116.1M $116.2M $98.06M
Total Assets $1.655B $963.2M $563.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.60M $20.13M $18.99M
YoY Change
Accrued Expenses $21.40M $40.90M $38.49M
YoY Change
Deferred Revenue $15.49M $17.32M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $249.0M $109.8M
YoY Change
Total Short-Term Liabilities $364.5M $204.1M $259.8M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.60M $1.965M $3.073M
YoY Change
Total Long-Term Liabilities $12.60M $1.965M $3.073M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $364.5M $204.1M $259.8M
Total Long-Term Liabilities $12.60M $1.965M $3.073M
Total Liabilities $377.1M $217.8M $262.9M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$679.4M -$573.9M
YoY Change
Common Stock $1.425B $8.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.278B $745.4M -$573.9M
YoY Change
Total Liabilities & Shareholders Equity $1.655B $963.2M $563.4M
YoY Change

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q4
OPERATING ACTIVITIES
Net Income -$37.85M -$63.23M
YoY Change -4.81% 89.65%
Depreciation, Depletion And Amortization $1.200M $1.090M $3.010M
YoY Change -30.13%
Cash From Operating Activities -$182.9M $25.15M -$87.74M
YoY Change -127.95%
INVESTING ACTIVITIES
Capital Expenditures -$1.930M -$1.430M -$2.740M
YoY Change 169.81%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.930M -$1.430M -$2.740M
YoY Change 169.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $569.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 701.2M 446.8M 207.5M
YoY Change 755.18%
NET CHANGE
Cash From Operating Activities -182.9M 25.15M -87.74M
Cash From Investing Activities -1.930M -1.430M -2.740M
Cash From Financing Activities 701.2M 446.8M 207.5M
Net Change In Cash 516.4M 470.6M 117.1M
YoY Change -1329.87%
FREE CASH FLOW
Cash From Operating Activities -$182.9M $25.15M -$87.74M
Capital Expenditures -$1.930M -$1.430M -$2.740M
Free Cash Flow -$180.9M $26.58M -$85.00M
YoY Change -129.71%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:6.78%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, and expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to income taxes, the realizability of inventory, stock-based compensation, contingencies, revenue-related reserves, fair value measurements, goodwill, and useful lives of property and equipment and intangible assets. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results may differ from these estimates. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.78%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Beginning in the first quarter of 2020, the COVID-19 pandemic caused by the novel coronavirus has negatively impacted, and may continue to negatively impact, the macroeconomic environment in the United States and globally, as well as the Company&#8217;s business, financial condition and results of operations. Due to the evolving and uncertain nature of COVID-19, it is reasonably possible that it could materially impact the Company&#8217;s estimates, particularly those noted above that require consideration of forecasted financial information, in the near to medium term. The ultimate impact will depend on numerous evolving factors that the Company may not be able to accurately predict, including the duration and extent of the pandemic, the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the pandemic and other economic and operational conditions the Company may face. </p>
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us-gaap Concentration Risk Credit Risk
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Significant Customers </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:6.78%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents and accounts receivable, which are unsecured. The Company&#8217;s cash and cash equivalents are maintained at various large financial institutions. Deposits held with financial institutions may at times exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, management believes they bear minimal risk. Concentration of credit risk with respect to accounts receivable is generally mitigated by a large customer base. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:6.78%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three and six months ended June 30, 2019 and 2020, no customer represented 10% or more of the Company&#8217;s revenues and no customer represented more than 10% of the Company&#8217;s accounts receivable as of December 31, 2019 and June 30, 2020. </p>
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CY2020Q2 us-gaap Lessee Operating Lease Discount Rate
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CY2020Q2 us-gaap Variable Lease Cost
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CY2020Q2 us-gaap Operating Lease Liability
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CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2019Q4 vrm Number Of Outstanding Series Of Redeemable Convertible Preferred Stock
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CY2020Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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CY2020Q2 us-gaap Preferred Stock Shares Issued
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On June 11, 2020, the Company amended its certificate of incorporation to effect a 2-for-1 forward stock split of shares of the Company’s outstanding common stock, such that each share of common stock, $0.001 par value became two shares of common stock, $0.001 par value per share.
CY2020Q2 us-gaap Common Stock Shares Authorized
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
3.63
vrm Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Fair Value Of Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsFairValueOfCommonStock
10.46
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
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0.363
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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0.366
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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303100000
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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408000
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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540
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2488402
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Number Of Operating Segments
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CY2020Q2 vrm Segment Assets
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CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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77253158
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12077860

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